Venues
SHOPPING CENTER INDUSTRY FUN FACTS
(Per International Council of Shopping Centers)
(Per International Council of Shopping Centers)
Did you know that...
There are 48,695 shopping centers in the United States. The vast majority of shopping centers (95%) are open-air centers.
California has the most shopping centers – 6,379.
Wyoming has the least – 55.
Apparel and accessories stores account for nearly half of all mall and shopping center space.
Southdale Center in Edina, Minn., opened in 1956 as the first fully enclosed mall in the United States. It had a two-level design and two competitive department stores as anchors. Today, Southdale Center is a 1.3 million square foot, regional shopping center and contains over 130 retailers.
Shopping Center & Mall Industry Trends:
Putting the specialty retailer profit and same-store sales data together, particularly in a broader retail industry perspective, conveys a compellingly positive message about the health of the regional mall and shopping center sector. Clearly, this is not a segment of the shopping center industry that is housing struggling, unprofitable retailers. On the contrary, the hard data shows that mall tenants are currently enjoying industry-leading same-store sales, operating margins and after-tax profit growth.
The profitability and innovation of specialty retailers in the high-traffic, high-energy mall environment drives up the demand for space. This has contributed significantly to the fact that mall occupancy has recently reached historically high levels. Moreover, mall rents have grown also.
The overall stability of mall and shopping center-oriented shopper behavioral benchmarks, including trip frequency, duration and spending, indicates that regional mall shoppers are not shopping with any less enthusiasm than they ever have.
In fact, most malls are located in high traffic suburban areas and have a trade area draw of up to 25 miles.
Most malls are enclosed air-conditioned environments and therefore offer a consistent year-round shopping environment. Accordingly, malls are relatively more attractive during episodes of extreme weather, and there is consequently a less distinct seasonal pattern to mall shopping than there is, say, to lifestyle centers. Shopper comfort is a distinct plus for malls during the holiday season when weather may be extreme. This is the make-or-break season when retailers make up to 40% or more of their annual profits.
One of the notable things about regional malls is the fact that customer shopping behaviors have either been remarkably stable or have improved over time.
Putting the specialty retailer profit and same-store sales data together, particularly in a broader retail industry perspective, conveys a compellingly positive message about the health of the regional mall and shopping center sector. Clearly, this is not a segment of the shopping center industry that is housing struggling, unprofitable retailers. On the contrary, the hard data shows that mall tenants are currently enjoying industry-leading same-store sales, operating margins and after-tax profit growth.
The profitability and innovation of specialty retailers in the high-traffic, high-energy mall environment drives up the demand for space. This has contributed significantly to the fact that mall occupancy has recently reached historically high levels. Moreover, mall rents have grown also.
The overall stability of mall and shopping center-oriented shopper behavioral benchmarks, including trip frequency, duration and spending, indicates that regional mall shoppers are not shopping with any less enthusiasm than they ever have.
In fact, most malls are located in high traffic suburban areas and have a trade area draw of up to 25 miles.
Most malls are enclosed air-conditioned environments and therefore offer a consistent year-round shopping environment. Accordingly, malls are relatively more attractive during episodes of extreme weather, and there is consequently a less distinct seasonal pattern to mall shopping than there is, say, to lifestyle centers. Shopper comfort is a distinct plus for malls during the holiday season when weather may be extreme. This is the make-or-break season when retailers make up to 40% or more of their annual profits.
One of the notable things about regional malls is the fact that customer shopping behaviors have either been remarkably stable or have improved over time.